Drive customer conversion with Mazooma’s verified bank payment solutions.
Our patented risk management technology uses online banking to qualify customers at checkout and process payments for ecommerce merchants. Designed for conversion and optimized for mobile, tablet and desktop transactions, your payments are in good hands with Mazooma on the cashier.
What is Mazooma?
The future of online payments
Alternative payments are growing in popularity, with customers embracing new and different methods to pay for goods and services online. Mazooma’s solutions are the ideal complement to traditional payment options at checkout, and have proven to provide incremental transaction volume over credit and debit cards when added to merchants’ cashiers. Our fully responsive screen design also gives customers the ability to pay on the device of their choice. Currently more than 50 per cent of Mazooma transactions come through mobile devices.
A customer conversion driver
Our products have been designed, both functionally and aesthetically, to propel customers through the online payment process. Extensive bank coverage and an intuitive, straight-through session ensure that customers are able to complete transactions quickly, comfortably and without hassle. Mazooma’s solutions act as an extension of a merchant’s own brand, connecting customers directly to their online banking environment at checkout.
Unprecedented risk management
Our patented technology has the unique ability to authenticate consumer banking information in real time before submitting transactions for payment–a capability that transforms online banking into a powerful ecommerce platform. Mazooma only enables qualified transactions to be processed by confirming bank account ownership and balance at the payment’s onset. The system minimizes the wrongful prevention of legitimate transactions (false-positives) as well as transactions that are returned days later because they failed to clear.
Working for you in no time
Our payment solutions are straightforward to implement with minimal resource allocation required from merchants. Whether onboarding our white-label or branded solutions, Mazooma’s technical team works closely with the merchant’s team to integrate and assist with the presentation of our solutions at checkout. A merchant’s best strategy to increase their conversion rate is to ensure their checkout process is instinctive and simple, including a seamless transition for customers from the cashier to Mazooma’s payment pages.
A core business facilitator
Merchants spend considerable resources attracting shoppers to their site and guiding them to complete a purchase. They cannot take the chance that acquired potential customers will be lost during the payment process. As the final piece in the transaction experience, Mazooma ensures that merchant efforts are not wasted, delivering transactions so that they can focus on driving their core business and growing revenue.
How it works
Mazooma’s products have been designed to maximize customer conversion. They all feature a real-time, intuitive, straight-through payment process with three basic steps:
Each of Mazooma’s payment solutions utilizes our patented, proprietary risk management software in real time before leveraging different fund clearing channels to process transactions. As such, all of our solutions include:
Mazooma’s solutions use online banking to verify bank account ownership and confirm the consumer’s balance at the time of the transaction before a payment is submitted. This risk management feature ensures that the consumer owns the bank account being used for payment and has enough funds in the account to cover the transaction total.
Use on any device
Mazooma’s solutions use responsive design in order to optimize the transaction experience for consumers on any device–desktop, tablet or mobile. Consumers do not need to download an app or opt to be directed to the “mobile” experience; our technology detects the users’ device and displays our payment pages accordingly.
Customizable payment pages
Through our ‘white-label’ integration model, Mazooma’s solutions are presented in an iframe on the merchant’s site. Merchants are able to name and brand the solutions and buttons on their checkouts, and can customize payment page fonts, banners, button colours, etc. to match their own branding.
High transaction values
Mazooma’s fully automated transaction limit management protocols are derived from the consumer’s balance at the time of the transaction as well as their transaction history. Because our system is able to confirm the consumer’s bank account balance at the time of the transaction, we are able to set high initial limits. These limits are then further increased once the consumer establishes a record of positive payment behavior.
Real-time transaction reporting
Our merchants are able to access comprehensive reports through Mazooma’s merchant portal, which is updated in real time with all account and consumer transaction activity. Our knowledgeable merchant services team is also available to support merchants during integration, and then with day-to-day operations of Mazooma’s solutions.
Mazooma launched its flagship Online Banking Transfer (OBT) product in 2009, transforming the technology that consumers were already using to pay household bills into a real-time payment solution for ecommerce.
Mazooma OBT performs all the steps a consumer would typically take in order to pay a bill through online banking, including registering a payee and entering the transaction amount. Consumers simply need to enter their online banking login credentials, select which account they wish to use to complete the payment and click approve. Widespread consumer acceptance and adoption of online banking means that even first-time users are comfortable using the solution. They can enter their login credentials without having to open their wallets and are able to answer any multi-factor authentication questions posed by their bank. Support for the largest banks in the U.S. and the streamlined payment experience are further contributing factors to the solution’s high conversion rate.
Merchants value the “straight-through” design of our OBT product as their customers do not need to leave the transaction session to fund a wallet or pre-register for an account. Merchants also receive notification of payment success at the time of the transaction, allowing them to process orders immediately.
Verified ACH is a high-converting customer acquisition and retention tool that enables consumers to pay merchants directly from their bank account by providing the information found at the bottom of their checks. Mazooma confirms this information directly with the consumer’s bank in real time and gives merchants instant notification of available funds before submitting the transaction through ACH for clearing.
Our Verified ACH product was designed to address inherent issues with traditional ACH, specifically its inability to verify bank account ownership, balance and account status in real time. Because traditional ACH solutions cannot tie a customer’s identity to a bank account, they wrongfully prevent legitimate transactions from occurring (false-positives) in an effort to mitigate risk. Verified ACH minimizes these false-positives, helping merchants to accept more payments by reducing friction and significantly decreasing uncleared payments that arise from common errors such as incorrect banking information, closed account or non-sufficient funds (NSF). This ultimately leads to an increase in transaction volume, average transaction value and overall customer conversion. And because NSF payments are rejected in real time as opposed to 3-5 days later, merchants avoid the cost and customer service issues associated with delayed balance confirmation.
In addition to NSFs, Mazooma’s ACH solution eradicates over 90% of the 25+ error codes that are present with standard ACH, and return rates are a fraction of those experienced with the traditional solutions.
Mazooma Verification provides stand-alone access to Mazooma’s patented risk management software for customer authentication outside of a payment transaction. The solution’s ability to confirm bank account ownership and balance in real time helps merchants to strengthen their Know Your Customer (KYC) protocols.
Mazooma Verification is a valuable risk management tool that can be leveraged in a variety of different scenarios. The solution can assist international remittance companies with verifying sender and recipient data prior to sending a payment. Merchants that receive a high volume of physical checks can use Mazooma Verification to reduce NSFs and other returns by confirming account ownership and balance before accepting the checks. Our solution could also be appended to other payment methods that do not have the capability to confirm consumer banking data at the time of the transaction.
Since launching its OBT solution in 2009, Mazooma’s online banking verification technology has been used by millions of consumers and has been granted multiple U.S. patents. Whether branded or white-label, Mazooma is found on the checkouts of many of the largest merchants in the U.S. If you have used online banking to make a purchase, you have used Mazooma without even realizing it.
Mazooma’s talented team brings decades of expertise in risk management and payment processing and have a keen focus on developing innovative payment solutions that combine the security and comfort of online banking with the convenience and speed of a simple checkout process. We currently have offices in Las Vegas, Miami and Toronto.
- What is Mazooma?
- Mazooma is a patented, proprietary technology that leverages online banking to verify customer data and confirm bank account ownership and balance before processing payments for online merchants.
- Who is Mazooma for?
- Mazooma is designed for online merchants operating in the United States. To use Mazooma, customers must be 18+ and have a U.S. bank account set up with online banking.
- Will customers use it?
- Yes. Online banking has been commercially proven with widespread consumer acceptance for more than a decade, and since launching its OBT product in 2009, millions of customers have used Mazooma’s technology to make online payments.
- Which banks does Mazooma support?
- Mazooma supports every financial institution in the U.S.
- What currencies does Mazooma support?
- Mazooma currently supports USD transactions.
- How easy is it to offer Mazooma at checkout?
- Merchants complete a lightweight, straightforward integration. If offering one of our branded solutions, we provide logos, instructional copy, etc. for the merchant’s website and cashier. If offering a white-label version of one of our solutions, we provide best practices for presentation and positioning of the solution in order to optimize customer conversion.
- What does ‘white-label’ mean?
- All of Mazooma’s solutions are available as ‘white-label’, which means that the merchant is able to actively and fully manage the customer experience and transaction process. In these scenarios, Mazooma’s system acts as an extension of a merchant’s own system, with customized banners, colors, fonts, etc. to match the merchant’s branding.
- What are the fees for offering Mazooma at checkout?
- Mazooma’s solutions are competitively priced as compared to credit cards. We also offer special micropayment pricing for transactions under $20 USD. Mazooma does not charge consumers any fees for using our services.
- Can Mazooma process refunds?
- Yes, merchants simply submit a refund file to Mazooma.
- Will customers need to have a Mazooma account?
- Customers never need to pre-register for a Mazooma account or complete an offline or out-of-session process to complete a transaction. A Mazooma account can be created during a transaction with one of our branded solutions, and is not required for a white-label transaction.
- Do customers need to download an app to make payments with Mazooma on mobile?
- No. All of our solutions have a responsive screen design so customers will automatically see optimized payment pages on whatever device they are using–desktop, tablet or mobile.
- Does Mazooma keep customers’ banking credentials?
- No, Mazooma does not store or share any customer banking info. Login IDs and passwords are encrypted and stay securely between consumers and their bank, and must be entered during each Mazooma transaction. Customers may also be required to answer a multi-factor authentication question if invoked by their bank.
- With our Verified ACH white label product, merchants often save customers’ banking info (ABA/Routing # and/or bank account number) in order to reduce inputs and increase conversion in subsequent transactions.
- How are customer spending limits calculated?
- Because of our ability to confirm consumer balances, Mazooma is able to offer high transaction limits. Our automated limits are based on a 7-day rolling time period as opposed to calendar weeks or months, and are experiential, which means they are raised with a history of positive payment behavior. The limits apply to bank accounts, not consumers, and a single bank account may be shared across multiple consumers. Mazooma’s system will automatically block bank accounts for negative transaction activity.
- Are credit reports checked when a consumer uses Mazooma?
- No, consumer credit reports are not checked. Mazooma does, however, have the configurable ability to hit credit bureaus for ID and address verification. We also have an extensive negative database built from years of high volume processing.